Recently, Rising Tide Capital (Rising Tide), a national nonprofit headquartered in New Jersey, was selected as one of PayPal’s Nonprofit Community Partners to distribute a portion of its $5 million small business grant program. PayPal’s $5 million fund is part of a larger $530 million commitment to provide immediate financial relief, sustained support, and long-term investment to expand economic opportunity for Black and underrepresented minority businesses and communities.
Rising Tide’s collaboration with Paypal is part of the organization’s strategic initiative to expand its private partnerships in order to provide direct financial support and technical assistance to small businesses that were most adversely affected by the COVID-19 pandemic. Other partners include: Valley National Bank, New Jersey Economic Development Authority, Stand Together Foundation, and Financial Independence Initiative.
“As our state continues reopening there are many entrepreneurs who are struggling to open their doors due to the catastrophic impact of the COVID-19 pandemic. Black-owned businesses, in particular, are statistically proven to be at the greatest risk of shutting down because of historic economic marginalization compounded by the devastating and lengthy financial and health impacts of the pandemic. To address the dire needs of New Jersey’s most vulnerable small and micro businesses, we made an effort to expand our partnerships to include direct and immediate grants to our network of entrepreneurs as well as other small businesses in New Jersey. We’re grateful to the funders who heeded our call and joined our partner network. Thanks to their financial investment, we are able to address some of the unique and growing needs of Black-owned and other underserved small businesses during this time of crisis,” explained Gillian Sarjeant-Allen, Executive Director of Rising Tide Capital.
Since expanding its partnerships, Rising Tide has facilitated over 220 grants ranging from $500 to $3,000 with the goal of providing relief faster than traditional funding models. Additionally, the organization has provided technical assistance to hundreds of small and micro business owners. This support includes assistance navigating the application processes for PPP, NJEDA grants, SBA loans as well as strategic advisory services, digital coaching, marketing planning, and facilitating access to other funding opportunities. Small business owners who are interested in learning more about Rising Tide’s financial and technical assistance programs can visit www.risingtidecapital.org.
About Rising Tide Capital
Rising Tide Capital (Rising Tide) is a 501(c)3 nonprofit organization headquartered in Jersey City, New Jersey with a hub in Newark. The organization is also on the South Side of Chicago, Charlotte, NC, and Charleston, SC, through replication partnerships with local non-profits. Rising Tide has 4 primary programs: the Community Business Academy, RISE: The Challenge, Credit to Capital, and Business Acceleration Services. All of these programs equip entrepreneurs to achieve self-sufficiency, thrive, and deliver value to their communities. The organization’s model is unique in that it offers ongoing mentoring and support to ensure sustainability. Rising Tide serves around 1,000 entrepreneurs in New Jersey annually, with programs delivered in English and Spanish in Newark, Jersey City, East Orange, Elizabeth, Union City, and New Brunswick. On average, graduates of its nationally recognized Community Business Academy open a new business every 3 days and enjoy an 80% survival rate after 5 years in business. At any given time, 71% of RTC’s entrepreneurs are women, 93% are people of color, and 80% are low-to-moderate income. The organization’s work has been recognized by President Obama at the White House, the World Economic Forum, CNN, and many more.
To learn more about Rising Tide Capital, visit www.risingtidecapital.org.